Bitcoins and Bankers

[deisik]

Hello All,

I'm new to crypto but not new to the banking/gov game.

What are you thoughts on the bankers/gov potentially controlling Bitcoin behind the scenes putting on a show oh how they are concerned about it? 

They can print the fiat to buy bitcoins.

It's not realistic that someone even considers buying out Bitcoin. It's a common misonception that there's only 21 million Bitcoins, but each Bitcoin can be split into 100 000 000 satoshi, and as someone tries to buy all Bitcoins, the price will go higher and higher, while the mass of available coins will still be staying big enough to ensure that it can be used as a currency. And it won't be hard to change the protocol to allow even more fractions if needed. It's impossible to take over Bitcoin, governments and banks would be just outlawing it if they will decide to fight

But the price wouldn't matter

Since, as has been said, the government can just print any amount of fiat required, and after they have bought enough coins (say, to successfully kill Bitcoin or some other cryptocurrency), they can just take (read confiscate) all this fiat that they purchased these coins with. The bottom line is that we shouldn't consider the folks behind at least major governments as complete idiots. They are most likely able to invent a thousand different ways to stop Bitcoin (and other cryptocurrencies as well) if they see it as a threat to their financial dominance

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[danherbias07]

They can print fiat to buy Bitcoins, but it would be the ruin of the country's economy... I think no one government will try to do it. I think they will go for another way, by trying to regulate Bitcoin, taking fees over transactions and lowering our individual profit.

If they can take an interesting amount of BTCs over our transactions and ending the pseudo anonymously of Bitcoin will be enough for them. They just want to have control over us, our actions and our money. We need to avoid it.

This is correct. There is a law for that and the UN will be smoking in anger when they printed out too many fiat.
That is one more good thing about it.
Maybe this is also the reason they cant just control this coin.
Sure they can use the multi-millionaire people to be the face as a buyer but still they cant hold enough.
If they do then there will be shortage in fiat which means another problem for one country.
They want people to spend to heighten the tax they get. So if every money is stucked in the bitcoin field then what are they supposed to use.

[Weatherby]

Anyone who has attempted to not use the dollar Ghadaffi (gold Dinar) - Saddam (oil for Euros)  have met a swift end. 
Why are they not stopping (possible jail threats) it when they have shown they will go to extreme measures to stop competition.

I am not sure whether your comparison matches with reality,either way i am not a supporter of both these acts by US and what your doubt is that why is the US not taking extreme measures to stop the usage of bitcoin,well the answer is simple,the technology behind it is superior and you have to accept technological changes.

[ubitcoin]

Bitcoin and banks serve entriely different functions and ideally can benefit from each others continued existence.

No, bitcoin is trying to provide the functionality which are being offered by banks so far and under some totally different circumstances. In near future you cannot expect these both to exist. More probably, banks may get vanished as bitcoin's concepts are ensuring more power to individual rather than just depending on government or simply banks.

[deisik]

Bitcoin and banks serve entriely different functions and ideally can benefit from each others continued existence.

No, bitcoin is trying to provide the functionality which are being offered by banks so far and under some totally different circumstances. In near future you cannot expect these both to exist. More probably, banks may get vanished as bitcoin's concepts are ensuring more power to individual rather than just depending on government or simply banks

That's very unlikely (and still less in the near future)

Banks are required to process fiat payments, and they will exist as long as there is fiat still around. And I'd rather say that it is Bitcoin which is going to vanish sooner. And it may happen not in some abstract "near" future but in the nearest future when Bitcoin gets split into several conflicting and competing chains. Aside from that, Bitcoin simply can't scale up to replace fiat in any meaningful degree, at least, now. Things may change in some distant future but it should first survive the future which I just mentioned (i.e. the coming chain split)

[bitart]

Bitcoin and banks serve entriely different functions and ideally can benefit from each others continued existence.

No, bitcoin is trying to provide the functionality which are being offered by banks so far and under some totally different circumstances. In near future you cannot expect these both to exist. More probably, banks may get vanished as bitcoin's concepts are ensuring more power to individual rather than just depending on government or simply banks

That's very unlikely (and still less in the near future)

Banks are required to process fiat payments, and they will exist as long as there is fiat still around. And I'd rather say that it is Bitcoin which is going to vanish sooner. And it may happen not in some abstract "near" future but in the nearest future when Bitcoin gets split into several conflicting and competing chains. Aside from that, Bitcoin simply can't scale up to replace fiat in any meaningful degree, at least, now. Things may change in some distant future but it should first survive the future which I just mentioned (i.e. the coming chain split)

And the technology of bitcoin (blockchain) will be useful for banks to improve their service in the near future. They need to improve, because in 2018 PSD2 will force them to share some of their data with fintech companies. Fintech companies are good in  specialized part of the banking sector (e.g. instant payment, small payments, parking fees, etc.). If PSD2 will come into force, fintech companies can start the development of their systems based on existing financial data and they don't need to gather data thru their app from a limited source.

[buwaytress]

While it's tempting to see bankers and banking/finance industry as complete idiots, they're anything but. Those right at the top, the ones in power, they're the ones able to pull strings and stay out of the limelight at the same time. If they can benefit from Bitcoin, they will. If they can't, they'll do what they can to stop it.

And it won't be in ways we can imagine.

[freeyourmind]

While it's tempting to see bankers and banking/finance industry as complete idiots, they're anything but. Those right at the top, the ones in power, they're the ones able to pull strings and stay out of the limelight at the same time. If they can benefit from Bitcoin, they will. If they can't, they'll do what they can to stop it.

And it won't be in ways we can imagine.

They're definitely not idiots.  They're just on the advantageous side of a corrupt system at the cost of others.  Farmers feed people, but many farmers aren't rich.  Bankers get a high frequency trading algorithm, helps no one in the world, and they're rich.   

[Bunsomjelican]

Hello All,

I'm new to crypto but not new to the banking/gov game.

What are you thoughts on the bankers/gov potentially controlling Bitcoin behind the scenes putting on a show oh how they are concerned about it? 

They can print the fiat to buy bitcoins.
Its the electronic money/world currency they are so thirsty for.
The NSA has supposedly a back door to all our devices.

I think if bitcoin is the new banker currency it will explode higher as 7.5 billion people vs 21 million bitcoins means $$$$ to the early holders.
If Bitcoin is the alternative to the bankers/gov then it will explode higher as well due to the high percentage of people who want to be free from them.

Anyone who has attempted to not use the dollar Ghadaffi (gold Dinar) - Saddam (oil for Euros)  have met a swift end. 

Why are they not stopping (possible jail threats) it when they have shown they will go to extreme measures to stop competition.

Either way I see it going higher i'm just trying to get my head around why it has not been stopped. 

Thoughts?

Bitcoin so far is moving like a sky rocket going to thw moon. The price value was getting higher because of the
demand of the users also by the investors who is now investing into bitcoin so no wonder why its happenning. moreover lots of crypto altcoins also increasing of I am talking about the legit altcoins in the market.

[Nevis]

Bitcoins itself is not controlled or monitored by anyone so anyone and everyone can make a way into it wether its illegal or legal,bitcoins and bankers somewhat shares a same attitude and work of storing but just intwo different ways of money

[Yakamoto]

Hello All,

I'm new to crypto but not new to the banking/gov game.

What are you thoughts on the bankers/gov potentially controlling Bitcoin behind the scenes putting on a show oh how they are concerned about it? 

They can print the fiat to buy bitcoins.
Its the electronic money/world currency they are so thirsty for.
The NSA has supposedly a back door to all our devices.

I think if bitcoin is the new banker currency it will explode higher as 7.5 billion people vs 21 million bitcoins means $$$$ to the early holders.
If Bitcoin is the alternative to the bankers/gov then it will explode higher as well due to the high percentage of people who want to be free from them.

Anyone who has attempted to not use the dollar Ghadaffi (gold Dinar) - Saddam (oil for Euros)  have met a swift end. 

Why are they not stopping (possible jail threats) it when they have shown they will go to extreme measures to stop competition.

Either way I see it going higher i'm just trying to get my head around why it has not been stopped. 

Thoughts?

I'm not really concerned about them controlling it because the divisiveness of the community is something the government wouldn't be doing and they'd just be marching in a mostly-unified direction instead of drawing everything out like they have been. They can print the money but that's a lot of money to be printing if they're intent on buying out Bitcoin. Very unlikely.

They have nothing to go after though. There is no person they can assassinate, no country to invade, no company executive to arrest. That's probably why they haven't gone and attacked anything yet. That's the only reason I can think of, anyways. Not sure why they aren't being more aggressive with it but Congress did pass that one bill allowing for the government to seize accounts. Maybe that's something that they're going to exploit.

[hase0278]

Hello All,

I'm new to crypto but not new to the banking/gov game.

What are you thoughts on the bankers/gov potentially controlling Bitcoin behind the scenes putting on a show oh how they are concerned about it?  

They can print the fiat to buy bitcoins.
Its the electronic money/world currency they are so thirsty for.
The NSA has supposedly a back door to all our devices.

I think if bitcoin is the new banker currency it will explode higher as 7.5 billion people vs 21 million bitcoins means $$$$ to the early holders.
If Bitcoin is the alternative to the bankers/gov then it will explode higher as well due to the high percentage of people who want to be free from them.

Anyone who has attempted to not use the dollar Ghadaffi (gold Dinar) - Saddam (oil for Euros)  have met a swift end.  

Why are they not stopping (possible jail threats) it when they have shown they will go to extreme measures to stop competition.

Either way I see it going higher i'm just trying to get my head around why it has not been stopped.  

Thoughts?

Hello and welcome to crypto world, I will answer some of your questions and correct some of your thoughts, I highlighted all I will answer. First of all, no one can fully control bitcoin behind the scenes because even if they control the price temporarily bankers,government or some group of elites cannot control bitcoin forever. Also, they cannot print fiat money to buy bitcoins because it will cause deflation to their own currency and they would not want that. Lastly, they are not stopping bitcoin right now maybe because they still not see it as a threat to the current fiat currency they have now, and some country adopts it. I might be wrong but this is my thoughts.

[youngagethinker]

Hello All,

I'm new to crypto but not new to the banking/gov game.

What are you thoughts on the bankers/gov potentially controlling Bitcoin behind the scenes putting on a show oh how they are concerned about it? 

They can print the fiat to buy bitcoins.
Its the electronic money/world currency they are so thirsty for.
The NSA has supposedly a back door to all our devices.

I think if bitcoin is the new banker currency it will explode higher as 7.5 billion people vs 21 million bitcoins means $$$$ to the early holders.
If Bitcoin is the alternative to the bankers/gov then it will explode higher as well due to the high percentage of people who want to be free from them.

Anyone who has attempted to not use the dollar Ghadaffi (gold Dinar) - Saddam (oil for Euros)  have met a swift end. 

Why are they not stopping (possible jail threats) it when they have shown they will go to extreme measures to stop competition.

Either way I see it going higher i'm just trying to get my head around why it has not been stopped. 

Thoughts?

Well I'm new here too but in our country ( Philippines ) , I've heard this news :
According to our sentral bank : Added National Bookstore, Mercury Drug, Kultura, Kashieca, Human, Green Pastures, Fully Booked and Enderun Colleges for the Gift Certificates section in the Marketplace and will be adding a few more before enabling the payment system.
So what is this all about? This allows Pesobit users to buy Gift certificates for these big merchants in exchange of their Pesobits. It may not be useful to International holders but for Overseas Filipino Workers or regular Pesobit holders here in the Philippines, this can be put into good use. Overseas workers now know that if they want to pay for the tuition fee or medical products of their family members they will have an assurance that their money will be spent to what the merchant they intended it to be used. Sending money will cause more than the actual buying of these Gift Certificates via Pesobit. The goal is to provide more and more usage for Pesobit holders and ECommerce is one that can drive usage.
Well this is a huge step because the government ( our government is open in regulating cryptocurrencies ). My opinion is that BTC is not such a threat because government can make cryptocurrencies too ( there are amazing guys who work on the government as well) and launch an alternative to fiat and co exixst with BTC just like PHP co-existing with dollars.

[posternat]

Bitcoin and banks serve entriely different functions and ideally can benefit from each others continued existence.

No, bitcoin is trying to provide the functionality which are being offered by banks so far and under some totally different circumstances. In near future you cannot expect these both to exist. More probably, banks may get vanished as bitcoin's concepts are ensuring more power to individual rather than just depending on government or simply banks

That's very unlikely (and still less in the near future)

Banks are required to process fiat payments, and they will exist as long as there is fiat still around. And I'd rather say that it is Bitcoin which is going to vanish sooner. And it may happen not in some abstract "near" future but in the nearest future when Bitcoin gets split into several conflicting and competing chains. Aside from that, Bitcoin simply can't scale up to replace fiat in any meaningful degree, at least, now. Things may change in some distant future but it should first survive the future which I just mentioned (i.e. the coming chain split)

And the technology of bitcoin (blockchain) will be useful for banks to improve their service in the near future. They need to improve, because in 2018 PSD2 will force them to share some of their data with fintech companies. Fintech companies are good in  specialized part of the banking sector (e.g. instant payment, small payments, parking fees, etc.). If PSD2 will come into force, fintech companies can start the development of their systems based on existing financial data and they don't need to gather data thru their app from a limited source.

So..........you could store coins in your Bitcoin wallet, something that can be done at a bank, but that is the same function as a wallet, thus why they are called wallets in Bitcoin, not banks.  A bank provides a secure storage, that is what the online wallet are doing, not Bitcoin.  A personal Bitcoin wallet has to be keep safe by the user.

[BitcoinPC]

Bitcoin and banks serve entriely different functions and ideally can benefit from each others continued existence.

No, bitcoin is trying to provide the functionality which are being offered by banks so far and under some totally different circumstances. In near future you cannot expect these both to exist. More probably, banks may get vanished as bitcoin's concepts are ensuring more power to individual rather than just depending on government or simply banks.

What banking functions is Bitcoin trying to accomplish exactly?  Banks, in themselves do no more than store funds, with a possible interest rate, and provide loans.  All other functions that one may be performing at a bank building are actually the function of third party services, like the ACH.  In fact, most of the margin providing the credit lines and loans is backed and processed by the alternate houses since the faster internet speeds and networking protocols.

[Love!]

Hello All,

I'm new to crypto but not new to the banking/gov game.

What are you thoughts on the bankers/gov potentially controlling Bitcoin behind the scenes putting on a show oh how they are concerned about it? 

Anyone who has attempted to not use the dollar Ghadaffi (gold Dinar) - Saddam (oil for Euros)  have met a swift end. 

Why are they not stopping (possible jail threats) it when they have shown they will go to extreme measures to stop competition.

Either way I see it going higher i'm just trying to get my head around why it has not been stopped. 

Thoughts?

Because they don't care too much. They don't about Crypto as much as they did about Ghadaffi / Saddam because the latter posed a bigger threat to the world economy as a whole.

[Sled]

Bitcoin and banks serve entriely different functions and ideally can benefit from each others continued existence.

No, bitcoin is trying to provide the functionality which are being offered by banks so far and under some totally different circumstances. In near future you cannot expect these both to exist. More probably, banks may get vanished as bitcoin's concepts are ensuring more power to individual rather than just depending on government or simply banks

That's very unlikely (and still less in the near future)

Banks are required to process fiat payments, and they will exist as long as there is fiat still around. And I'd rather say that it is Bitcoin which is going to vanish sooner. And it may happen not in some abstract "near" future but in the nearest future when Bitcoin gets split into several conflicting and competing chains. Aside from that, Bitcoin simply can't scale up to replace fiat in any meaningful degree, at least, now. Things may change in some distant future but it should first survive the future which I just mentioned (i.e. the coming chain split)

And the technology of bitcoin (blockchain) will be useful for banks to improve their service in the near future. They need to improve, because in 2018 PSD2 will force them to share some of their data with fintech companies. Fintech companies are good in  specialized part of the banking sector (e.g. instant payment, small payments, parking fees, etc.). If PSD2 will come into force, fintech companies can start the development of their systems based on existing financial data and they don't need to gather data thru their app from a limited source.

So..........you could store coins in your Bitcoin wallet, something that can be done at a bank, but that is the same function as a wallet, thus why they are called wallets in Bitcoin, not banks.  A bank provides a secure storage, that is what the online wallet are doing, not Bitcoin.  A personal Bitcoin wallet has to be keep safe by the user.

If you are a bitcoin user then you don't need banks anymore because banks is not that profitable to put our money and it is not safe to put or give trust to them to control our money because unlike in bitcoin that we have the private keys and full control but in bank it is not that same and banks is just giving the half of access and they can freeze your account anytime they want because they have the control on their behalf.

[CARrency]

Bitcoin and banks serve entriely different functions and ideally can benefit from each others continued existence.

No, bitcoin is trying to provide the functionality which are being offered by banks so far and under some totally different circumstances. In near future you cannot expect these both to exist. More probably, banks may get vanished as bitcoin's concepts are ensuring more power to individual rather than just depending on government or simply banks

That's very unlikely (and still less in the near future)

Banks are required to process fiat payments, and they will exist as long as there is fiat still around. And I'd rather say that it is Bitcoin which is going to vanish sooner. And it may happen not in some abstract "near" future but in the nearest future when Bitcoin gets split into several conflicting and competing chains. Aside from that, Bitcoin simply can't scale up to replace fiat in any meaningful degree, at least, now. Things may change in some distant future but it should first survive the future which I just mentioned (i.e. the coming chain split)

And the technology of bitcoin (blockchain) will be useful for banks to improve their service in the near future. They need to improve, because in 2018 PSD2 will force them to share some of their data with fintech companies. Fintech companies are good in  specialized part of the banking sector (e.g. instant payment, small payments, parking fees, etc.). If PSD2 will come into force, fintech companies can start the development of their systems based on existing financial data and they don't need to gather data thru their app from a limited source.

So..........you could store coins in your Bitcoin wallet, something that can be done at a bank, but that is the same function as a wallet, thus why they are called wallets in Bitcoin, not banks.  A bank provides a secure storage, that is what the online wallet are doing, not Bitcoin.  A personal Bitcoin wallet has to be keep safe by the user.

If you are a bitcoin user then you don't need banks anymore because banks is not that profitable to put our money and it is not safe to put or give trust to them to control our money because unlike in bitcoin that we have the private keys and full control but in bank it is not that same and banks is just giving the half of access and they can freeze your account anytime they want because they have the control on their behalf.

That is obvious man, our money is not volatile that it changes price when we put it in a bank, we put it in a bank so it will be stored and be used by us in the future, it is their job. Having a bitcoin, we don't need banks, we need to have skills, maybe use it to trade or invest. Government will never control this digital currency, and also I think they gave up on that because they are just legalizing bitcoin to their country.

[hello_good_sir]

Hello All,

I'm new to crypto but not new to the banking/gov game.

What are you thoughts on the bankers/gov potentially controlling Bitcoin behind the scenes putting on a show oh how they are concerned about it? 

They can print the fiat to buy bitcoins.
Its the electronic money/world currency they are so thirsty for.
The NSA has supposedly a back door to all our devices.

I think if bitcoin is the new banker currency it will explode higher as 7.5 billion people vs 21 million bitcoins means $$$$ to the early holders.
If Bitcoin is the alternative to the bankers/gov then it will explode higher as well due to the high percentage of people who want to be free from them.

Anyone who has attempted to not use the dollar Ghadaffi (gold Dinar) - Saddam (oil for Euros)  have met a swift end. 

Why are they not stopping (possible jail threats) it when they have shown they will go to extreme measures to stop competition.

Either way I see it going higher i'm just trying to get my head around why it has not been stopped. 

Thoughts?

There is no way for them to directly control the actual bitcoin framework.

Decentralization basically makes it impossible for them to do so and this is a part of the reason why they absolutely despise bitcoin, even though its technology should be embraced by everyone in my opinion(the government obviously have a conflict of interest in this case, if people use bitcoin then they aren't going to use fiat because bitcoin is genuinely better, and will lead to capital flowing into btc, crashing fiat, governments don't want that to happen.

I wouldn't be surprised at all if in the future, the government started to give out jail sentences for those who hold btc. However this is extremely hard to enforce, and almost impossible to check. Bitcoin does have identifiers that you have browse publicly, but linking these numbers to a name is extremely hard, if not impossible if someone uses all the functionality that bitcoin offers to its fully extent(running a full node, etc.). And if the government does decide to crack down on bitcoin holders, i think that more people would actually start using bitcoin, out of curiosity, much like how religions are at its strongest when a government is trying to restrict it.

[timerland]

Hello All,

I'm new to crypto but not new to the banking/gov game.

What are you thoughts on the bankers/gov potentially controlling Bitcoin behind the scenes putting on a show oh how they are concerned about it? 

They can print the fiat to buy bitcoins.
Its the electronic money/world currency they are so thirsty for.
The NSA has supposedly a back door to all our devices.

I think if bitcoin is the new banker currency it will explode higher as 7.5 billion people vs 21 million bitcoins means $$$$ to the early holders.
If Bitcoin is the alternative to the bankers/gov then it will explode higher as well due to the high percentage of people who want to be free from them.

Anyone who has attempted to not use the dollar Ghadaffi (gold Dinar) - Saddam (oil for Euros)  have met a swift end. 

Why are they not stopping (possible jail threats) it when they have shown they will go to extreme measures to stop competition.

Either way I see it going higher i'm just trying to get my head around why it has not been stopped. 

Thoughts?

If they do print more money they would just bump up the price of bitcoin even more - now this does seem completely illogical for me if they wanted to shut down the entire bitcoin system, because they are just devaluing their own currency against bitcoin! Not only will this benefit the bitcoin users, it'll also mean that a lot of taxpayers are paynig the government to buy into... Well, an investment that they don't even particularly like...

The NSA backdoors is really something that should concern every one of us. The Wannacry virus apparently was because of an NSA backdoor and they have apparently ordered intel to install CPU within the CPU so that they can monitor our data whenever we go. this is truly scary, if it turned out to be true. I believe that it is extremely likely, and this is the reason why people should keep their bitcoin private keys completely offline, don't even print it out, write it down with a pen. It might seem redundant but you never know what will happen.